管理者过度自信、董事会结构与企业投融资风险--基于上市公司的经验证据

摘要

From the perspective of behaviors instead of objective factors, this research take investment risks and finan-cing risks into account. And analysis the moderate effect of board structure. Using a sample of listed companies in HUSH-EN stock exchange market from 2008-2012, the paper empirically analyses the relationship between managers’ overconfi-dence, structure of the board of directors and business risk. This research found that managers with overconfidence will significantly increase company business risks, but better structure of the board of directors can reduce business risk. Specially, board size can reduce the likelihood of investment risks. On the other hand, board independence can re-duce the likelihood of investment risks and financing risks.%将关注视角从客体因素转向主体行为因素，综合考虑企业经营的投资和融资风险，并分析董事会结构的调节效应是本研究的关键点。以2008-2012年沪深证券交易所上市公司为样本，在控制情境变量后，研究发现管理者过度自信会显著增加公司投融资风险，而良好的董事会结构却能降低公司投融资风险。特别地，董事会独立性对管理者过度自信影响企业投资和融资风险均存在负向调节作用，董事会规模对管理者过度自信影响企业融资风险存在负向调节，但对投资风险调节效应并不显著。